Leaving all other issues aside, to point out the typical silliness that appears here with regard to economic history: The writer deplores the gold standard. However, I would ask, if it is something so wholesome and advantageous then why hasn't any country ever adopted it? No takers.

Well, for those unfamiliar with modern economics: because it’s practically impossible and tying an economy to a commodity that could either suddenly become very scarce or very abundant would be a way of playing Russian Roulette with your economy.

And speak of Russian Roulette: Bitcoin.

Any modern economy has needs that are constantly changing and external facts that are constantly changing that affect the economy. In other words, volatility is built into life. So, if your economy is going to use Bitcoin, the net effect is going to be layering even more volatility onto existing volatility. This will not end well.

The biggest reason that turning over your economy to Bitcoin (or any other crypto) is you have walked away from managing your economy. You have given up and entered the casino because you cannot successfully build trust in your policies. And no one is holding you accountable.

And this latter phenomenon is growing in places where politicians do not want to own their policies.

And, no, the IMF has not failed. The IMF requires countries to make choices to improve the operation and trust in their economies. The IMF is not always perfect, since it is a human institution made up of many other human institutions. However, it’s main purpose is to try to bring pressure to adopt political and economic changes that would improve the operation of an economy. And to give money to help that project.

Bitcoin is the escape from difficult decisions and, most of all, accountability. It says: use the slot machine to solve your problems.

The impulse is the same in many places and the rise of Bitcoin and crypto is all about this: it is hard work to survive and thrive. The models for doing so are fairly consistently successful but require leadership that takes responsibility. If you didn’t go to school to learn something that will help you survive, then you have only 2 choices: 1) the difficult one: go back to school, learn, and start over. 2) Head to Vegas.

The world is becoming just another casino. And we all know who always wins in the casino.